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\begin{tabular}{lcc} \hline
 & (1) & (2) \\
VARIABLES & FD\_l\_mu\_TL\_sFSQ\_t1\_pos\_w\_h & l\_muTLsFSQt1\_pos\_w\_h\_hp\_dev \\ \hline
 &  &  \\
FD\_l\_va\_agg & -0.312* &  \\
 & (0.169) &  \\
l\_va\_agg\_hp\_dev &  & -0.299** \\
 &  & (0.143) \\
Constant & 0.00410 & -9.18e-05 \\
 & (0.00322) & (0.00329) \\
 &  &  \\
Observations & 6,875 & 6,875 \\
R-squared & 0.008 & 0.002 \\
Sector FE & Yes & Yes \\
 Cluster & Sectors & Sector \\ \hline
\multicolumn{3}{c}{ Robust standard errors in parentheses} \\
\multicolumn{3}{c}{ *** p$<$0.01, ** p$<$0.05, * p$<$0.1} \\
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